A rich culture and history, iconic locations, excellent schools, architecture… these are just some of the reasons London is considered a dream location for foreign nationals to work, live and play. And unlike some locations, foreign nationals can buy property in the UK. As such, many are keen to purchase—but the process of arranging a mortgage is a great deal more complicated if you aren’t a domiciled resident, especially if you are looking for a large loan.
What are the challenges for foreign nationals getting a mortgage in the UK?
In ten years of working successfully with foreign national clients, there are challenges we’ve encountered time and time again when it come. Our foreign national clients have complicated global income streams, unusual asset ownership structures, and are often living and working across different jurisdictions. Essentially, foreign national clients have complex backgrounds which can be difficult for lenders to understand.
This in turn makes finding the right lender a significant challenge. High-street lenders are unlikely to understand complicated income structures, and may therefore reject your application. Lenders may also identify foreign national clients as more of a risk, as they may have limited or no credit footprint in the country, and may be perceived to be less closely invested in the property.
So how can a foreign national buy property in the UK?
Enness has worked ceaselessly over the last decade to build a team with a rich and thorough understanding of non-vanilla income structures. As such, no matter how complicated your wealth is, we have advisors who will understand your situation and can work on your case effectively.
This understanding also enables us to find you the right lender. After a decade of working with an extensive panel of lenders—including private banks, which are often better for complicated cases— we can use our deep understanding of different lenders’ criteria to confidently assess which will be right for your case.
What can you expect from us?
Whether you’re a foreign national who lives in the UK already, or are based abroad, we are confident we can assist you. We understand that for many foreign nationals looking to purchase in the UK, it is difficult to know where to start. We work at your pace, taking the time to get to know you and the complexities of your situation. The benefit of this is twofold; we can use this knowledge to secure you the best possible rates when negotiating with lenders, and you gain a broker you can trust.
We know how important it is for you to feel your situation is fully understood. As such, we place huge value on the relationship-building process; investing in a property is a huge commitment, and it’s essential you undertake this journey with advisors you trust.
Whether over the phone, via email, or from our offices in London and Monaco, we will always strive to communicative clearly with you at every stage. If you are a foreign national looking for a large mortgage in the UK, please do get in touch with myself at Enness Private Office to find out more.